Black Tears Rum gains private funding
The Island Rum Company, owner of Black Tears and La Progresiva rums, has successfully closed a private investment round to drive global growth.
The investment round, which closed in November 2024, was organised in partnership with Axelina Corporate Finance, a Swedish advisory firm.
The firm aims to become the leading advisor in the Nordic region within private markets, with a focus on capital raises, valuation, and merger and acquisition.
Andreas Lindström, CEO and founder of Axelina Corporate Finance, commented: “The Island Rum Company is on an incredibly exciting journey, combining rich Cuban heritage
with a strong international growth strategy.
“From the very beginning, we saw a unique opportunity in their vision and quality-driven approach, which resonated well with international investors. It has been a privilege to support the team in securing the right partners for their expansion.”
Island Rum Company was established in 2012 in Norway to launch the first spiced Cuban rum, Black Tears.
In 2019, via its trading subsidiary Island Rum Brands, a joint venture was created with Zerus, commercial arm of Azcuba, Cuba’s state-owned sugar company.
A second rum brand, La Progresiva, was added to the portfolio in 2021.
Both rum brands are now available in 45 markets internationally, including recent launches in Germany and Kazakhstan.
Henrik Björck, chairman of the board of The Island Rum Company, said: “This investment round comes at a time when our global expansion and growth ambitions are starting to come to life.
“We are pleased with the cooperation with our partners and friends at Axelina, and both our international and Cuban teams have strong commercial and marketing plans for 2025 and beyond, supported by this new financial backing.
“The next round is opening now, with the aim to close in April.”
Black Tears and La Progresiva Cuban rums will be showcased at BCB Singapore on 3-4 March at Nimbility stand B16.
Between 16-18 March, the brands will be available for exploration at Prowein in Duesseldorf at Kammer-Kirsch stand M45 in Hall 5.
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